THE CLOSE

Markets closed at/near the lows as most of the recent high fliers got pummeled. The DJIA closed down 173, NAZ -61 and SPX -22.

Retails, insurance and financials were the strongest sectors while emerging markets, airlines, metals and internets fared the worst.

Market internals:

IBD 100-5 WINNERS;

OEX -10 WINNERS;

NDX -15 WINNERS;

Expansion of New Lows as the list has about 360 today;

What a difference a week makes as last Monday the DJIA hit 13,750, almost 600 points higher and only a few percent off the all time highs. Today, gloom and doom.

Technically, the NDX is at/near the 50% retracement, 2,023, between the 1,806 August lows and the 2,240 high from the end of October. The QQQQ, likewise at/near $49.8 between 44.37 and 55.06, so a bounce from these levels over the next week would not be surprising.

All eyes tomorrow will be on GS as they report earnings before the opening bell, estimates at $6.6 and most are predicting they beat the number but the question is by how much and what are the details.